The company reached consolidated sales in Asia of over $1bn for the first time, an indication of the shift in the world's wealth.

Picasso's La Lecture made $40m at Sotheby's in 2011

"We have now reached the point where the three geographic engines driving our auction business - the Americas, Europe and Asia - are contributing to our success in roughly equal proportions," said the auction house's president and chief executive Bill Ruprecht.

The auctioneer sold $1.2bn in contemporary works globally last year, and a growing body of investors seeking the enjoyment and potential profits that can be enjoyed by the art market is thought to be a major contributor to the figures.